• May 23, 2024
  • Last Update May 23, 2024 12:57 AM
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Economists urged to give prudent, data-driven advisories

Economists urged to give prudent, data-driven advisories

Mombasa,

Tuesday May 7, 2024,

KNA by Sadik Hassan

Economists have been urged to create data-driven advisories so as to drive economic transformation.

Cabinet Affairs Principal Secretary Dr. Idris Dokota speaking in Mombasa, where Economists are converging for a five-day inaugural Annual Conference of Economists organized by the Economists Society of Kenya (ESK), he said economists should expound on the kind of advisories they give to be backed up by data as they will be used in decision making.

“That is the only time the country will adopt data-driven decision making, for without the right advisory, the country will come up with decisions that are not backed up by data and then end up making what we call wrong decisions in terms of economic development,” said Dr. Dokota.

The PS noted ESK is the largest professional body in the country and has contributed a lot, churning out erudite professionals, thus leading to the transformation of the country.

“This body needs to be anchored in law, once it has its own act of parliament, then we will be able to have that sync, right foot in what we are doing,” he stated.

Dr. Dokota, himself an accomplished Economist by profession, delivered a presentation on the effects of geopolitical uncertainties on climate change that has led to floods, prolonged drought and crop failure.

“These have created export restrictions whereby countries have banned the export of certain commodities so that they can protect their food reserves and food security,” he explained.

The PS stated that geopolitical uncertainties have caused mayhem and have affected the global economy, thus it`s high time for economists to come up with structural changes in terms of policies, and legal and regulatory framework to tackle problems caused by geopolitical uncertainties.

The Chairman of ESK Dr. Dunstone Ulwodi said they are ready to support transformative policies that will change the country.

“Economic policies require proper analysis, to be data led not pronouncement led so that you analyze the data and come up with a policy that is properly informed and therefore it is a policy that is likely to transform the country,” said Dr. Ulwodi.

The ESK chairman noted that Economists are not merely observers of economic phenomena, but are architects of solutions, the stewards of prosperity and guardians of the future.

The discipline provides valuable insights into the intricate interplay of markets, policies, and human behavior, offering a roadmap for sustainable and inclusive growth.

He noted that the involvement of economists in economic decision-making processes will ensure that policies are grounded in sound economic principles and empirical evidence.

Dr. Ulwodi emphasizes the importance of economists’ engagement in policymaking to prevent costly mistakes and promote more effective and efficient solutions.

On his part, Suleiman Shahbal, East Africa Legislative Assembly (EALA) legislator stated that there is no shortage of opportunities, ideas or capital in Africa.

“I think as a continent we have a lot of opportunities that are not tapped, it doesn’t convert from being ideas into reality because there is a shortage of development capital. Hence, a lot of our opportunities never materialized because there is no money to do the investment studies and tests to take it from an idea into a bankable project,” said Shahbal.

He promised to draft a bill in EALA for the establishment of an East African Investment Bank that will provide development capital.

The EALA Member of Parliament further challenged economists to look into the Public Private Partnership (PPP) policy to attract more investors because “There is a huge financing gap and infrastructure that cannot be filled only by government.”

Courtesy; KNA

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